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Gold Price in Coimbatore

Coimbatore is the second largest city in the southern state of Tamil Nadu and is one of the fastest growing tier 2 cities in India. It is home to some of the biggest textile and manufacturing industries, which have ensured that the city has a high standard of living. Gold has been the preferred choice of investments among Indians and Coimbatore too has seen a steady increase in gold consumption, regardless of the prevailing gold rates.

Gold rates in Coimbatore depend on market fluctuations and availability. Gold buyers can choose from 22 karat or 24 karat gold, depending on their needs and budget. 22 karat gold is about 92% and the gold rate for this is less than 24 karat gold, which is 99.99% pure.

Trend of Gold Rate in Coimbatore for November 2016 (rates per gram for 24karat gold)

1st November rate

Rs.3,075 per gram

30th November rate

Rs.2,942 per gram

Highest rate in November

Rs.3,166 per gram on 9th November

Lowest rate in November

Rs.2,932 per gram on 25th November

Overall performance

Decline

% Change

-4.33%

November '16 - Week 1 (1st to 6th)

Gold traded at Rs.3,075 per gram on 1st November.

Prices started to climb as demand in the domestic market was high.

On 3rd November, gold prices fell on account of uncertainty of the U.S. elections and the possibility of a Fed rate hike in December.

Gold prices started to increase again as wedding season demand gained momentum.

By November 5th and 6th, gold was trading at Rs.3,119 per gram, the highest for this week.

November '16 - Week 2 (7th to 13th)

Gold traded at Rs.3,083 per gram on 7th November and prices started to climb.

Demand for gold surged on 8th November night as people rushed to buy gold after Prime Minister Modi announced that Rs.500 and Rs.1,000 notes would not be legal tender from midnight.

Gold rates jumped to Rs.3,166 per gram on 9th November, the highest for this week.

The global market was affected by the U.S. elections and the prospects of a Fed rate hike in December.

The domestic market was affected by the surgical strike on black money and the requirement of PAN card to purchase gold in cash.

Gold prices dropped to Rs.3,059 per gram by the end of the week.

November '16 - Week 3 (14th to 20th)

Gold traded at Rs.3,054 per gram on 14th November.

Gold price were sliding down this week as the Indian economy experienced a shortage of cash after PM Modi announced his demonetisation scheme.

Gold fell to its lowest price this week on 18th November, trading at Rs.2,976 per gram.

Prices started to stabilise towards the end of the week as the wedding season kept demand up.

In the overseas markets, gold prices edged higher against a retreating dollar.

November '16 - Week 4 and 5 (21st to 30th)

The dollar climbed this week on account of positive economic data which raised the confidence levels of the U.S. Federal Reserve to increase the interest rate next month.

In the domestic market, demand for gold plunged as the demonetisation scheme played out resulting in a serious cash crisis in the Indian economy.

At the peak of the wedding season in India, jewellers and retailers have found their stores empty.

Gold traded at Rs.2,984 per gram on 21st November.

By the end of the month, prices had dipped to Rs.2,942 per gram.

The trend for this month was a decrease in gold prices by 4.33%.

Trend of Gold Rate in Coimbatore for October 2016 (rates per gram for 24karat gold)

1st October rate

Rs.3,152 per gram

31st October rate

Rs.3,065 per gram

Highest rate in October

Rs.3,152 per gram on 1st and 2nd October

Lowest rate in October

Rs.3,018 per gram on 17th October

Overall performance

Decline

% Change

-2.76%

October '16 - Week 1 (1st to 7th)

Gold traded at Rs.3,152 per gram on 1st October.

The trend for this week was a decline in prices as the global market turned bearish on account of rising expectations of a Fed rate hike.

Gold traded at Rs.3,027 per gram on 7th October as demand in the domestic market also fell.

A gloomy global market and stricter Indian tax laws led to a drastic fall in gold rates.

October '16 - Week 2 (8th to 14th)

Gold prices rose this week on account of positive trends overseas coupled with an increase in domestic demand.

On 8th October, gold traded at Rs.3,020 per gram

Gold rates climbed to Rs.3,030 per gram on 10th October and stayed constant till 13th October.

Prices dropped to Rs.3,025 per gram as global political and financial risks led to a weak trend in the overseas market.

Demand in the domestic market also dropped as jewellers and retailers reduced their offtake.

October '16 - Week 3 (15th to 21st)

Gold prices climbed this week on account of the wedding season giving demand a boost.

Gold traded at Rs.3,021 per gram on 15th October.

Prices of the yellow metal dropped on 17th October to Rs.3,018 per gram as expectations of the Fed rate hike grew strong.

Gold was able to recover as demand for the metal surged in the domestic market.

As trends overseas firmed up, gold climbed to Rs.3,049 per gram on 20th October, the highest for this week.

October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)

Gold traded at Rs.3,046 per gram on 22nd and 23rd October.

The global market turned positive for gold as the dollar weakened.

Festive demand kept gold rates up in the domestic market.

Speculations of the Fed rate hike indicated that it would be introduced gradually.

The highest price for this week fell on 29th and 30th October when gold traded at Rs.3,067 per gram.

High demand is expected to continue as the wedding season draws near.

The week closed with gold trading at Rs.3,065 per gram.

Trend of Gold Rate in Coimbatore for September 2016 (rates per gram for 24karat gold)

1st September rate

Rs.3,120 per gram

30th September rate

Rs.3,176 per gram

Highest rate in September

Rs.3,197 per gram on 8th September

Lowest rate in September

Rs.3,120 per gram on 1st September

Overall performance

Increase

% Change

1.79%

September '16 - Week 1 and 2 (1st to 10th)

Gold traded at Rs.3,120 per gram on 1st September.

There were fluctuations through the week as the possibility of a U.S. Fed rate hike was unclear.

Gold reached its highest on 8th September trading at Rs.3,197 per gram and closed the week at Rs.3,181 per gram on 10th September.

September '16 - Week 3 (11th to 17th)

Gold rates plunged this week on account of rising expectations of a Fed rate hike this month.

The U.S. economy has released a spate of weak economic data, but officials are upbeat that the economy is strong enough to handle the hike.

Gold traded at Rs.3,181 per gram on 11th September.

Demand in the domestic market dropped as well with investors, retailers, jewellers and consumers being reluctant to buy gold.

By the end of the week, gold had shed 1.11% or Rs.35 and traded at Rs.3,146 per gram.

September '16 - Week 4 (18th to 24th)

Gold prices surged this week as domestic demand was strong on account of the festive season.

Gold traded at Rs.3,146 per gram on 18th September.

Prices climbed as the trend in the global market turned bullish as the pressure of a Fed rate hike eased up.

Prices dipped at the beginning of the month owing to a two-day fall at the domestic bullion market but this was overcome after there was a renewed off take from jewellery retailers and traders.

The rates managed to climb back up owing to the state of affairs in the U.S.

Prices rose on 5th June due to a weaker dollar resulting from a disappointing job report from the U.S. Labor Department.

Jun'16 - Week 2 (6th to 12th)

Gold traded at Rs. 2,968 for the first two days of the week.

Gold witnessed a surge as prices hiked up by Rs.15 to Rs. 2,983 on the 8th of June.

Gold further witnessed an incline as prices shot up to Rs. 3,093 on the 11th and 12th of June.

Jun'16 - Week 3 (13th to 19th)

Gold opened the week at Rs. 3,064 per gram on the 13th of June.

The prices rose further as the week progressed as gold hit its highest for the month on the 16th of June at Rs. 3,122 per gram.

Gold ended the week at Rs. 3,087 per gram on the 19th of June.

Jun'16 - Week 4 (20th to 26th)

Thanks to steady demand from traders and jewellers, the rate of gold saw a steady increase during the month of June especially towards the final weeks.

The rate of gold was relatively steady during the week between the 20th and 26th of June, with only very minor fluctuations.

On the first day of the week, gold opened at Rs. 3,076 per gram and closed at Rs. 3,165 on the 26th.

The highest rate of gold observed during this period was on the on the last two days of the week at Rs. 3,165 per gram whereas the lowest was on the 23rd with Rs. 3,023 per gram being the rate of gold.

Jun'16 - Week 5 (27th to 30th)

Gold rates recorded a decline over the last four days of June.

Prices were recorded at Rs.3,180 on the 27th of June and Rs.3,105 on the 30th of June.

The overall decline in prices between the 27th and 30th of June was Rs.75.

Gold markets were closed in the city of Coimbatore from 1st to 6th March as jewellers and bullion traders called an indefinite strike against the proposed 1% excise duty on gold jewellers announced during the recent budget.

Prices were constant at Rs.2,976 over the week.

Mar'16 - Week 2 (7th to 13th)

Gold saw sporadic trading in the second week as agitations continued over introduction of 1% excise duty on non-silver jewellery sales and PAN disclosures for jewellery purchases above Rs.2 lakhs.

Prices were Rs.2,970 on 7th and Rs.2,989 on 13th.

Mar ‘16 - Week 3 (14th to 20th)

Gold markets remained suspended for the most part as protests entered the third week.

Prices were Rs.2,937 on 14th and Rs.2,940 on 20th.

Mar ‘16 - Week 4 (21st to 27th)

Gold markets limped back to normalcy as jewellers opened stores for the most part even as traders carried their protest into the fourth week.

Prices were Rs.2,914 on 21st and Rs.2,896 on 27th.

Gold appreciated to Rs.2,943 by 25th before settling at Rs.2,896 by 25th and staying stable for the next 2 days.

Mar ‘16 - Week 5 (28th to 31st)

International cues helped gold rates stabilise after a drop in prices compared to the previous week.

Prices were between Rs 2,874 and Rs 2,910 in Coimbatore during the week.

Gold rate in Coimbatore on 1st of September 2015 was Rs.2,711. This declined to Rs.2,676 by 4th of the month, before appreciating to Rs.2,682 by 7th. Gold rates continued to decline over the next week, with week starting price at Rs.2,663 on 8th September and mid-week rate of Rs.2,627 on 12th of the month. By mid-month on 15th, gold rate had fallen to Rs.2,629, the lowest for the month.

Gold rate started gaining the lost value in the 2nd half of September. Prices climbed steeply from Rs.2,632 on 16th to Rs.2,672 on 19th of the month. Gold rate on 22nd was Rs.2,665 signalling a stabilization of rate. 23rd saw a fall in rate to Rs.2,652 which again climbed to the Rs.2,670+ level on 24th. Prices once again breached the Rs.2,700 mark on 25th and stayed at that level till 27th. Gold rate on 27th was Rs.2,702, denoting a recovery in rates over the month. There was a steep decline during the last two days of the month when prices dropped to a low of Rs.2,640 on 30th of the month.

Gold rate in the month of September saw high volatility, from a high of Rs.2,711 at the start of the month to Rs.2,640 at the end of the month. The rate drops during the month were recovered by 28th, however the last two sessions saw steep depreciation in rates. Gold rate is likely to remain volatile for the next few days before the festive season kicks in.

Gold has been considered a safe investment as it negate any rise in inflation. One can choose to invest in any of the following gold options in Coimbatore.

Jewelry – The love for jewelry among Indians is well known and jewelry constitutes the major portion of gold investments in Coimbatore. Jewelry can be sold or exchanged for good rates, making it an investment for all seasons.

Gold Bullion Bars – Gold bullion bars are an ideal investment option for those who can afford them. These bars can weigh up to 1 kg each and are highly desired across the world. With 99.5% purity these bars can be perfect for those who wish to invest in a commodity which has no risk.

Gold Bullion Coins – Gold coins are today considered the safest and smartest investment in gold. People in Coimbatore prefer buying gold coins rather than jewelry as there is no wastage or making charge involved with gold coins. They are easy to liquidate and can offer instant money when the need arises.

Gold Accumulation Plan – This new investment method revolves around people depositing small amounts of money into an account on a monthly basis. After a specified period the investor can choose from gold bars/coins or jewelry, as per the needs.

Allocated Gold Accounts – This plan is perfect for those who wish to own gold but do not want to keep it with them. Investing in gold account ensures that banks keep the gold safe and secure and the owner can access the gold when need be.

24 karat gold – The current rate of 1 gram of 24 karat gold in Coimbatore is Rs 2715 (as of June 15, 2015). The rate has remained constant over the last few months, averaging at around Rs 2700 per gram.

22 karat gold – The cost of 1 gram 22 karat gold is approximately Rs 2540 as of June 15, 2015. The cost of 22 karat gold has hovered around the Rs 2550 mark, indicating a stability in costs, making it an opportune time to invest in gold.

Coimbatore is home to most of the well-established gold dealers and jewellers, some of the major ones being Malabar Gold, Kalyan Jewellers, Josco Jewellers, Karpagam Jewellers and Joyalukkas. Residents can also find smaller gold dealers across the city, with each one catering to specific needs.

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